Not much has changed in a month! March residential sales are still up like they were in February, but there’s still a lack of inventory in our fair city. There is a lack of new listings on the market (361 this year compared to 381 in 2011), and demand remains high. Luckily for sellers, this means you get the most money for your home; the average selling price in Barrie is $293,050 going for 98% of asking price on average, up over $15,000 from this time last year.
As you may recall from a previous posting (“Barrie sales HOT in February“), the market will eventually balance out. If you’re considering selling this year, maybe moving during the summer so the kids can get readjusted, NOW is the time. The average days on the market are around 40, and closing is often scheduled for at least a month after the deal is done. If you think about the timing, you’ll be moving at the end of June if you put your house on the market today!
These local statistics paired with a recent RBC study indicating that “majority of Canadians believe that now is the time to get into the housing market (59 per cent, up four percentage points from last year), instead of waiting until next year (41 per cent)” are important things to keep in mind when thinking about selling. The same RBC study says that a “majority of Canadians believe housing is a good investment (88 per cent, up two percentage points from last year) and more than two-thirds (68 per cent) believe the value of their home has increased in the past two years”.
As always, ask the experts when making a big decision like moving. Make sure that it makes financial sense to you and your family. Good luck!
